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A Minute (Or Two) With Colin Receveur, Episode 3
Dentists need marketing to grow their practices, but marketing is only a part of the question of how to get more new patients. There are five crucial metrics – the 5 A’s – that dentists must focus on for growth.
– I mean, yeah, doctors need more new patients to grow their practice.
– I mean, every practice needs more new patients to grow their practice, right?
– I think how we get more new patients is the question. Not do we, but how do we get more new patients?
– And how we get more new patients is through several ways.
– First off, we can spend more on marketing, right? Hey, we can just up our marketing budget, and if we spend more, we’ll get more.
– But I don’t think that’s necessarily the smartest way to do it, especially that shouldn’t be the first way that we try to do it.
– It’s okay if that’s an option, but before we just go gladiator spending on trying to get more results, let me suggest a couple of other options.
– I think we need to look at what we call first the Five A’s: Answer, Appoint, Attend, Accept, and Average.
– And on the Five A’s, this is a doctor’s money funnel. This is how your practice grows.
– This isn’t a punchline. This is how your practice actually converts the marketing you spend into dollars in your bank account.
– When your practice answers the phone, when they Appoint the patients, when the patients Attend the appointments, when they Accept treatment and whatever the Average visit value is, these five things are the five steps that your patients go through after they’ve responded to your marketing.
– So what we often see in practices is you can take and you can send 50 new patient opportunities into a practice, and they only get two to four actual accepted treatments out the back end.
– And the reason for that is they’re answering 70% of the calls, they’re appointing 40%, 80% are attending appointments, their case acceptance rate is 40%, and then their average visit value is $300 or $400.
– And then all of a sudden, they spent five grand on marketing to get 50 new patient opportunities, and yet it only produced six or eight grand out the back end.
– And what’s said by that doctor, who I know plenty of them, is it’s a marketing problem. – And yet, if you look at your high performing practices, your top 5%, your top 2%, your top 1% of practices, they’re answering 90% of their calls.
– They’re appointing 80% of the patients. Their attending rate is 96% to 97%.
– They’re getting acceptance on 55% to 60% of what they present, and their average visit value is $400 to $600.
– So you take the exact same practice that spent five grand on marketing to generate 50 new patient opportunities and that practice generates almost $45,000 out of their money funnel whereas the average practice generated $8000 out of the same exact number of new patient opportunities with the same exact marketing spend.
– And that’s really the difference that you’ve got to focus on when you’re growing a practice is, not just the marketing you’re doing and what the marketing’s producing, but what am I doing for my team to maximize the results that I’m experiencing from the marketing?